Cashflow Forecast Actual Sample

Excel
Excel Skills
Skills || Monthly
Monthly Cash
Cash Flow
Flow Template
Template || Forecast
Forecast vs
vs Actual
Actual
About
About this
this template
template
This
This template
template enables
enables users
users to to compile
compile aa cashcash flowflow forecast
forecast for
for aa 3636 month
month period
period and
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compare the the cash
cash flow
flow f
monthly
monthly and year-to-date basis. The cash flow forecast is compiled by editing the default values in the forecast assu
and year-to-date basis. The cash flow forecast is compiled by editing the default values in the forecast assu
turnover,
turnover, gross
gross profit
profit percentages,
percentages, expenses,
expenses, capital
capital expenditure
expenditure and and loan
loan amount
amount forecasts.
forecasts. TheThe actual
actual results
results are
are com
co
balances
balances that
that areare entered.
entered. TheThe template
template includes
includes aa monthly
monthly income
income statement,
statement, cashcash flow
flow statement
statement and and balance
balance sheet
sheet
and
and actual
actual results.
results. Our
Our unique
unique management
management report report enables
enables users
users to to compare
compare the the forecast
forecast and
and actual
actual balances
balances by by si
s
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from aa list
list box
box in
in aa single
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forecast vs vs actual
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Excel Skills | Monthly Cash Flow Template | Forecast vs Actual
Instructions
www.excel-skills.com
This template enables users to compile a cash flow forecast for a 36 month period and to compare the cash flow forecast to On
Onthis
thissheet:
sheet:
actual results on a monthly and year-to-date basis. The cash flow forecast is compiled by editing the default values in the This
forecast assumptions and entering monthly turnover, gross profit percentages, expenses, capital expenditure and loan
This sheet
sheet includes
includes detailed
detailed
instructions
instructions on
on setting
setting up
up and
and using
using
amount forecasts. The actual results are compiled from the actual account balances that are entered. The template includes
a monthly income statement, cash flow statement and balance sheet for both the cash flow forecast and actual results. Our
this template.
this template.
unique management report enables users to compare the forecast and actual balances by simply selecting the appropriate
month from a list box in a single input cell.
The template can be used for both trade based and service based businesses. If you intend to use the template for a service
based business, simply enter a monthly gross profit percentage of 100% in all the monthly gross profit percentage input cells
on the Forecast and Actual sheets. The cost of sales and gross profit rows on these sheets can also be hidden if you don't
want to include them on your reports.
This is the only
protected sheet in the
full version of the
Note: Refer to our Monthly Cash Flow Projection and Annual Cash Flow Projection templates if you only want to compile a template!
cash flow forecast and do not require a comparison to actual account balances. The monthly cash flow projection template is
compiled on the same basis as the cash flow forecast in this template but also includes an automated calculation of a
number of key financial ratios (input values can also easily be copied over to the forecast section in this template). The
annual cash flow projection template can be used to compile an annual cash flow forecast for a five year period.
Note: If you are using one of our accounting templates, the actual account balances can simply be copied from the
accounting template in order to record actual account balances for the purpose of this template.
The following sheets are included in this template:

Assumptions - this sheet includes the default assumptions on which the monthly cash flow forecast is based.
Forecast - this sheet includes a detailed monthly income statement and cash flow statement for a 36 month period. Monthly
turnover, gross profit percentages, expenses, capital expenditure, shareholders' contributions and loan amounts need to be
entered by the user. All the other cash flow projection calculations on this sheet are automated.
Actual - this sheet includes a detailed income statement and cash flow statement that can be used to record the actual
financial results. Monthly turnover amounts, gross profit percentages, expenses, interest amounts, taxation amounts, capital
expenditure and loan amounts need to be entered by the user and the other cash flow line items are calculated from the
actual balance sheet balances.
BalanceSheets - this sheet includes the forecast and actual monthly balance sheets. The forecast balance sheet is
automatically calculated from the forecast assumptions and the forecast income statement & cash flow statement (no
additional user input is required). Most of the actual balance sheet balances need to be entered by the user.
Loans - this sheet includes a detailed amortization table which is used in order to calculate the monthly interest and capital
repayment forecasts that are included on the monthly income statement and cash flow statement.
Report - this sheet includes our unique management report which enables users to compare the forecast and actual income
statements, cash flow statements and balance sheets on a monthly and year-to-date basis. All the calculations on this sheet
are automated and users are only required to select the appropriate monthly period in order to automatically update all the
calculations.
Template Assumptions
Business Name
The business name that is specified in cell B4 is included as a heading on all the other sheets.
Start Date
The monthly reporting periods on the income statements, cash flow statements and balance sheets are determined based
on the start date that is entered in cell B5 on the Assumptions sheet. Users are therefore able to change the monthly
reporting periods in this template by simply changing the date in a single input cell.
Note: Actual account balances should be entered on a monthly basis and we therefore do not recommend changing the
reporting periods once you start entering actual account balances. If you change the reporting periods, the actual account
balances that have been entered will be included under the incorrect monthly date headings. If you want to roll the template
forward for another 36 month period, we recommend saving a new version of the template, adjusting the forecast balances
and entering the new actual account balances for the new monthly reporting periods (defined by changing the start date in
cell B5 on the Assumptions sheet).
Page 3 of 33
Instructions
Turnover
Monthly turnover projections should be entered on the Forecast sheet in row 5.
Gross Profit %
The monthly gross profit percentage forecasts should be entered on the Forecast sheet in row 10. Monthly gross profit
amounts are calculated by multiplying the appropriate monthly turnover amount by the monthly gross profit percentage. The
monthly cost of sales amount is calculated by simply deducting the monthly gross profit amounts from the monthly turnover
amounts.
Expenses
The Forecast sheet includes 23 default expense accounts. The default expense accounts can be edited by simply entering a
new description and additional expense accounts can be added by simply inserting the required number of rows anywhere
above the total row, entering a description for the expense, entering the appropriate monthly expense forecasts and copying
the formulas in the annual columns from one of the existing rows in the Expenses section. The formula in the Total Expenses
row automatically includes all the new rows that are added to this section of the monthly income statement.
Note: All income & expense amounts should be entered exclusive of sales tax.
Depreciation
The condition of all fixed assets deteriorates over time and asset depreciation is therefore usually recorded in the income
statement in order to account for the decrease in value of fixed assets. Although depreciation is a non-cash accounting
adjustment and therefore does not have a direct effect on cash flow calculations, we have included depreciation in the
template assumptions in order to account for the tax effect of wear & tear tax allowances.
The depreciation amounts for each monthly period therefore needs to be recorded in row 38 on the Forecast sheet. These
amounts are included separately on the income statement below the Expenses section and added back from the profit or
loss for the period on the cash flow statement.
Note: The depreciation amounts need to be calculated based on the effective depreciation rate for each class of fixed assets
after taking the remaining useful life of the start-up assets into account and applying the appropriate effective depreciation
rates to all capital expenditure amounts. For the purpose of the cash flow projections, it is assumed that the wear & tear
allowances (for income tax purposes) are the same as the depreciation rates.
Working Capital
The inventory, debtors and creditors days assumptions that are specified on the Assumptions sheet are used in order to
calculate the monthly closing balances for inventory, receivables and payables on the balance sheet. We believe that this is
the easiest and most accurate approach that can be used in order to estimate working capital balances at the end of each
monthly period.
The inventory days assumption is multiplied by the daily cost of sales average to determine the inventory closing balance at
the end of each monthly period. The daily cost of sales average is calculated by simply dividing the monthly cost of sales
projection by the number of days in the particular month. The number of days that are included in each monthly reporting
period is calculated in row 21 on the balance sheet.
The debtors days assumption is multiplied by the daily average turnover to determine the debtors closing balance at the end
of each monthly period. The daily average turnover is calculated by simply dividing the monthly turnover amount by the
number of days in the particular month. The average trading terms that are negotiated with customers can be used in order
to estimate the debtors days that should be entered in the template assumptions. If products are not sold on credit, a nil
value should be entered for this assumption.
Page 4 of 33
Instructions
The creditors days assumption is multiplied by the sum of the monthly cost of sales amount and the total expenses and the
result is divided by the number of days in the particular monthly period in order to calculate the creditors closing balance at
the end of the particular month. The value that is entered for this assumption should therefore be carefully considered. Even
if the average trading terms with suppliers result in payments being due 30 days after the invoice date, you should remember
that a lot of expenses are usually settled on a cash basis (like salaries & wages). You should therefore not only consider
supplier trading terms when deciding on an appropriate value to enter in this template assumption but also the percentage of
expenses and stock purchases that are settled on a cash basis.
Start-up Balances
This section of the assumptions relates to the balance sheet balances at the start of the cash flow projection period. If you
need to compile monthly cash flow projections for an existing business, it should be simple enough to obtain the opening
balance sheet account balances. Also, if the business is being acquired from another entity, the opening balances should be
entered based on the values that are listed in the acquisition agreement. If the cash flow projections are being compiled for
an entirely new business venture, all the start-up balances should be nil.
Note: All equity and liability balances should be entered as negative values and the total of all the start-up balance sheet
balances should always be nil. We have added conditional formatting to the Start-up balances section on the Assumptions
sheet in order to highlight all the values in orange if the total does not equal nil.
Loan Terms
The loan terms that are entered in this section of the assumptions are applied to the start-up long term loan amount and the
additional loan amounts that are entered in row 53 of the monthly forecast cash flow statement. The loan terms consist of the
annual interest rate, loan repayment period in years and an interest only selection. If no interest is charged on long term
loans, simply select the "Yes" option from the list box and no loan repayments will be included in the cash flow projections
(only the interest that is charged).
Note: The maximum loan repayment period that can be specified is 10 years. Refer to the Loans sheet for a detailed
amortization table which is used to calculate the monthly interest and capital repayment amounts.
Taxation
The income tax percentage that is specified in this input cell is applied to the monthly profit or loss in order to calculate a
monthly income tax provision. We have also assumed that all income tax liabilities are settled on a bi-annual basis (every six
months) in accordance with provisional taxation principles. The monthly tax amount is therefore accrued to a provision for
taxation and the negative cash flow resulting from the bi-annual payment of income tax will be reflected in the taxation paid
line of the monthly cash flow statement.
Forecast Income Statement & Cash Flow Statement
A monthly income statement & cash flow statement forecast is included on the Forecast sheet. As we've mentioned before,
users are required to enter the monthly turnover amounts, gross profit percentages, expenses, capital expenditure,
shareholders' contributions and loan amounts and all other calculations are automated.
Note: All the rows that require user input have been highlighted in yellow in column A. The monthly amounts in these rows
should be entered but be careful not to replace the formulas in the columns that contain the annual totals.
The purchases of property, plant & equipment line relates to the acquisition of fixed assets with a useful life of more than one
year. Monthly capital expenditure amounts should be entered as negative values and are added to the property, plant &
equipment line on the balance sheet.
All amounts that are contributed by the shareholders of the business should be entered as positive values in the
shareholders' contributions line and are added to the shareholders' contributions line on the balance sheet.
The interest and capital repayment amounts that are included on the income statement & cash flow statement are calculated
on the Loans sheet based on the start-up long term loan balance on the Assumptions sheet, the monthly "Proceeds from
loans" amounts that are entered on the cash flow statement and the loan terms that are specified on the Assumptions sheet.
Page 5 of 33
Instructions
Actual Income Statement & Cash Flow Statement
Actual monthly account balances should be entered in the appropriate rows on the Actual sheet. Users are required to enter
the monthly turnover amounts, gross profit percentages, expenses, interest amounts, taxation amounts, capital expenditure
and loan amounts. All the other calculations on this sheet are automated.
Note: If you are using one of our accounting templates, the actual account balances can simply be copied from the
accounting template and pasted into the appropriate rows in this template.
Working capital movements, shareholders' contributions and monthly loan repayments are calculated from the actual
monthly balance sheet balances that are entered on the "Actual results" balance sheet.
Note: All the rows that require user input have been highlighted in yellow in column A. The monthly amounts in these rows
should be entered but be careful not to replace the formulas in the columns that contain the annual totals.
The Expenses section of the income statement on the Actual sheet includes 23 default expense accounts. The default
expense accounts can be edited by simply entering a new description and additional expenses can be added by simply
inserting the required number of rows anywhere above the total row, entering a description for the expense account, entering
the appropriate monthly expense account balances and copying the formulas in the annual columns from one of the existing
rows in the Expenses section. The formula in the Total Expenses row automatically includes all the new rows that are added
to this section of the monthly income statement.
Note: It is imperative that the expense accounts that are included on the Forecast and Actual sheets are exactly the same,
otherwise the comparison between forecast and actual expense account balances on the management report will not be
accurate. Please ensure that expense items are included in the same rows on the appropriate sheets and that the
descriptions of all expense accounts are exactly the same as the descriptions on the Forecast sheet. Any discrepancies that
may exist will be highlighted on the management report.
Monthly Balance Sheets
The monthly forecast and actual balance sheets are included on the BalanceSheets sheet. All forecast balance sheet
balances are calculated automatically from the template assumptions and the calculations on the Forecast sheet. The
property, plant & equipment balance is calculated by adding the monthly capital expenditure on the Forecast sheet to the
start-up property, plant & equipment balance and deducting the depreciation amounts that are also entered on the Forecast
sheet.
All working capital balances are calculated from the days that are specified in the template assumptions, while the cash
balance is linked to the closing cash balance on the Forecast sheet. The provision for taxation is calculated based on the
income tax line on the Forecast sheet and the assumption is that the entire provision is settled bi-annually (in accordance
with provisional tax principles).
The shareholders contributions balance is calculated by adding the monthly amounts on the cash flow statement to the start-
up balance that is specified in the template assumptions, while retained earnings is calculated from the profit or loss line on
the Forecast sheet. The long term loan closing balances are calculated on the Loans sheet.
Some of the balance sheet account balances on the "Actual Results" balance sheet require user input while other balance
sheet balances are calculated based on calculations on the monthly income statement & cash flow statement on the Actual
sheet. The items that require user input have been highlighted in yellow in column A.
Note: The Actual balance sheet balances for the first monthly period are linked to the start-up balances that are entered on
the Assumptions sheet. This means that the same opening balances are used for both the forecast and actual balance sheet
balances. All the balance sheet balances in the first monthly period on the Actual balance sheet have been highlighted in
light blue in order to distinguish these cells from the cells that require user input. Users should therefore take care not to
replace the formulas in these cells with values.
The only calculated balances on the Actual balance sheet are property, plant & equipment, cash and retained earnings. The
property, plant & equipment balance is calculated based on the monthly purchases of property, plant & equipment and the
depreciation amounts that are entered on the Actual sheet, the cash balance is linked to the closing cash balance on the
Actual sheet and the retained earnings balance is linked to the monthly profit or loss line on the Actual sheet.
Page 6 of 33
Instructions
Note: A control total line has been inserted below the Actual balance sheet. This line will contain an "ok" text string if the
balance sheet is in balance and will reflect an "error" text string which will be highlighted in orange if the Actual balance sheet
does not balance. If an error message is displayed for any of the monthly periods, you should check that all balance sheet
balances have been entered correctly in the user input lines.
Forecast Interest & Capital Repayment Amounts
The Loans sheet includes a detailed amortization table which is used for the calculation of the forecast monthly interest and
capital repayment amounts. The start-up long term loan balance and the monthly loan advances (entered in the "Proceeds
from loans" row on the Forecast sheet) are included in the additional financing column. All interest and loan repayment
calculations are based on the amounts in this column and the loan terms that are included at the top of the sheet are
specified in the template assumptions.
Note: All the calculations on the Loans sheet are automated and no user input is required on this sheet.
The loan amortization calculations can also be compiled for interest only loans by simply selecting the "Yes" option from the
Interest Only list box on the Assumptions sheet. If this loan interest option is selected, the cash flow forecast calculations will
not include any monthly loan repayments. Also note that the maximum loan period that can be specified is 10 years.
Note: Actual monthly interest amounts should be entered on the Actual sheet and actual monthly loan repayments are based
on the monthly long term loans balances that are entered on the Actual balance sheet and the actual monthly loan advances
that are entered in row 73 on the Actual sheet.
Management Report
The management report on the Report sheet can be used to compare forecast and actual account balances on a monthly
and year-to-date basis. All the calculations on the this sheet are automated and the report can be compiled for any monthly
period by simply selecting the appropriate month from the list box in cell I1.
Note: The only user input that is required aside from selecting the appropriate reporting period is the customization
of the expense accounts in the Expenses section of the report. The expense accounts that are included on the
Forecast, Actual and Report sheets should be exactly the same, otherwise the calculations on the management
report may not be accurate.
The default expense items on the management report can be customized by simply deleting the rows that are not required or
inserting new rows for the required number of additional expense accounts and copying the formulas in column A to J from
one of the existing rows in this section of the report.
We've added conditional formatting to the cells in column B of the Expenses section in order to highlight expense account
discrepancies in orange. If you therefore notice that one or more of the cells in column B contains an orange cell background
and an "ERR" message, it means that there is difference between the expense accounts that are included on the Forecast
sheet and the expense accounts that are included on the Actual sheet.
Users therefore need to compare the expense accounts in the particular rows on both of these sheets in order to ensure that
the same expenses are included in the same rows on both sheets and that the expense account descriptions are exactly the
same on both sheets. Note that orange highlighting in the Total row on the management report may indicate that all the
expense items on the Forecast or Actual sheet may not have been added to the management report. All of these errors can
be corrected by simply entering the correct expense account description or by inserting the correct number of rows on the
appropriate sheet.
All the calculations on the management report are based on the date that is selected from the list box in cell I1. This list box
includes all 36 monthly periods that are included on the monthly income statements, cash flow statements and balance
sheets. When the user therefore selects a new period from the list box, all the calculations on the management report are
immediately updated.
Note: The calculation of the year-to-date balances is based on the assumption that the 36 monthly reporting periods
constitute 3 full annual financial periods. We therefore recommend that you enter the first day of the appropriate first financial
year that you want to include in the template as the start date in cell B5 on the Assumptions sheet.
Page 7 of 33
Instructions
Note: After changing the default start date in cell B5 on the Assumptions sheet, you may notice that all the calculations on
the management report result in nil values. These nil values are the result of cell I1 containing a date (the default date that
had previously been selected) which does not form part of the monthly reporting periods (defined by the start date on the
Assumptions sheet) and can be updated by simply selecting a new period from the list box in cell I1. Cell I1 will also be
highlighted in orange and a message which indicates that a new monthly period needs to be selected will be displayed in cell
I2.
Help & Customization
If you experience any difficulty while using this template and you are not able to find the appropriate guidance in these
instructions, please e-mail us at support@excel-skills.com for assistance. This template has been designed with flexibility in
mind to ensure that it can be used in most business environments. If however you need an Excel based template that is
customized specifically for your business requirements, please e-mail our Support function and provide a brief explanation of
your requirements.
Copyright
This template remains the intellectual property of www.excel-skills.com and is protected by international copyright laws. Any
publication or distribution of this template outside the scope of the permitted use of the template is expressly prohibited. In
terms of the permitted use of this template, only the distribution of the template to persons within the same organisation as
the registered user or persons outside the organisation who can reasonably be expected to require access to the template as
a direct result of the use of the template by the registered user is allowed. Subsequent distribution of the template by parties
outside of the organisation is however expressly prohibited and represents an infringement of international copyright laws.
Page 8 of 33
Example Trading (Pty) Limited
Cash Flow Forecast - Assumptions
Business Name Example Trading (Pty) Limited
Start Date 3/1/2013
Turnover
Monthly turnover forecasts need to be entered on the Forecast worksheet.
Gross Profit %
Monthly gross profit percentages need to be entered on the Forecast worksheet.
Expenses
Monthly expense projections need to be entered on the Forecast worksheet.
Working Capital
Inventory Days 25
Debtors Days 30 On
On this
this sheet:
sheet:
Creditors Days 15 The
The input
input values
values on
on this
this sheet
sheet are
are used
used in
in order
order toto compile
compile the
the
Start-up Balances
monthly
monthly cash
cash flow
flow forecast.
forecast. Note
Note that
that most
most ofof these
these input
input values
values
affect
affect the calculation of the forecast balance sheet and that the
the calculation of the forecast balance sheet and that the
Property, Plant & Equipment 800,000 monthly
monthly turnover
turnover amounts,
amounts, gross
gross profit
profit percentages
percentages andand
Inventory 140,000 expense forecasts need to be entered on the Forecast
expense forecasts need to be entered on the Forecast sheet. sheet.
Debtors 250,000
Cash 21,000
Shareholders' Contributions (1,000)
Retained Earnings -
Long Term Loans (1,100,000)
Creditors (110,000)
Provision for Taxation -
Loan Terms
Interest Rate 8.5%
Repayment Term (Years) 5.0
Interest Only No
Taxation
Income Tax % 28.0%
Note: It is assumed that income tax is paid on a bi-annual basis (every 6 months).
Page 9 of 33
Forecast - Income Statement
Mar-2013 Apr-2013 May-2013 Jun-2013 Jul-2013 Aug-2013 Sep-2013 Oct-2013 Nov-2013 Dec-2013 Jan-2014 Feb-2014 Year 2014
Turnover 300,000 340,000 320,000 321,000 305,000 320,000 315,000 300,000 320,000 330,000 328,000 310,000 3,809,000
Cost of Sales 195,000 217,600 208,000 205,440 192,150 201,600 198,450 189,000 201,600 207,900 206,640 195,300 2,418,680
Gross Profit 105,000 122,400 112,000 115,560 112,850 118,400 116,550 111,000 118,400 122,100 121,360 114,700 1,390,320
Gross Profit % 35.0% 36.0% 35.0% 36.0% 37.0% 37.0% 37.0% 37.0% 37.0% 37.0% 37.0% 37.0% 36.5%
Expenses
Accounting Fees 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000
Advertising & Marketing 5,000 5,000 10,000 5,000 5,000 25,000 5,000 5,000 43,000 13,000 5,000 5,000 131,000
Bank Charges 250 250 250 250 250 250 250 250 250 250 250 250 3,000
On
On this
this sheet:
sheet:
Cleaning Expenses This 500 500 forecast monthly
800 800 800 860 860 860 860 860 860 860 9,420
This sheet
sheet includes
includes the
the forecast monthly incomeincome statement
statement and and cash
cash flow
flow statement.
statement. TheThe monthly
monthly
Computer Expenses turnover
-
turnover amounts,
amounts, - gross
gross profit
profit -percentages,
3,800expenses, shareholders'
-
shareholders' contributions,
-
contributions, capital
-
capital - - - - 4,200 8,000
Consumables expenditure
expenditure
1,250 and
and loan
- amounts
loan amounts need
need
- to
to be
be entered
entered
- on
on this
this sheet
sheet and
2,300 and all
all the
the other
780 other amounts
200 are
amounts are - - 759 - - 5,289
Electricity & Water automatically
automatically
1,000 calculated.
calculated.
1,000 Rows that
that require
Rows1,000 require user
1,000input
user input are
are highlighted
highlighted in
1,000 yellow
yellow in
in1,200 in column
1,200 A.
column A. Note
Note 1,200 1,200 1,200 1,200 1,200 13,400
that
that you
you can
can add
add additional
additional expense
expense accounts
accounts if if required
required and
and you
you can
can also
also use
use the
the template
template for
for 12,000
Entertainment - - - - - - - - - - - 12,000
service
service based
based businesses
businesses by by simply
simply entering
entering aa monthly
monthly gross
gross profit
profit percentage
percentage of of 100%.
100%. TheThe
Equipment Hire -
monthly - - - 18,000 - - - - - - - 18,000
monthly reporting
reporting periods
periods are
are based
based on on the
the start
start date
date that
that is
is specified
specified in in cell
cell B5
B5 on
on the
the
Insurance 2,000 2,000 2,000 Assumptions2,000
Assumptions sheet.
sheet.2,000 2,000 2,300 2,300 2,300 2,300 2,300 2,300 25,800
Legal Fees - - - 74,000 - - - - - - - - 74,000
Motor Vehicle Expenses - - - - - - 1,800 - - - - - 1,800
Postage 100 100 100 100 100 100 100 100 100 100 100 100 1,200
Printing & Stationery 300 300 300 300 300 300 300 300 300 300 300 300 3,600
Professional Fees - - - - - - - 32,000 - - - - 32,000
Rent 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000
Repairs & Maintenance - - 800 - - 780 - - 4,300 - - - 5,880
Salaries & Wages 22,850 22,850 22,850 22,850 22,850 22,850 22,850 22,850 22,850 22,850 22,850 22,850 274,200
Security 325 325 325 325 325 325 325 325 325 325 325 325 3,900
Subscriptions - - - - - 3,200 - - - - - - 3,200
Telephone & Fax 2,510 2,510 2,510 2,510 2,510 2,510 2,510 2,510 2,510 2,510 2,510 2,510 30,120
Training - - - - - - - 12,000 - - - - 12,000
Uniforms - - - - - - 2,530 - - - - - 2,530
Total Expenses 48,085 46,835 52,935 124,935 67,435 72,155 52,225 103,695 89,995 56,454 47,695 51,895 814,339
Depreciation 13,333 13,333 14,167 14,167 14,167 15,417 15,417 15,417 15,417 15,417 15,417 15,417 177,083
Profit / (Loss) before Interest & Tax 43,582 62,232 44,898 (23,542) 31,248 30,828 48,908 (8,112) 12,988 50,229 58,248 47,388 398,898
Interest 7,792 7,687 7,582 7,475 8,077 7,960 7,842 7,723 7,603 7,483 7,361 7,239 91,823
Taxation 10,021 15,273 10,449 (8,685) 6,488 6,403 11,499 (4,434) 1,508 11,969 14,248 11,242 85,981
Profit / (Loss) for the year 25,769 39,272 26,868 (22,332) 16,683 16,465 29,568 (11,401) 3,877 30,778 36,639 28,908 221,094
Page 10 of 33
Forecast - Cash Flow Statement
Cash flows from operating activities
Interest 7,792 7,687 7,582 7,475 8,077 7,960 7,842 7,723 7,603 7,483 7,361 7,239 91,823
Taxation 10,021 15,273 10,449 (8,685) 6,488 6,403 11,499 (4,434) 1,508 11,969 14,248 11,242 85,981
Adjustment for non-cash expenses:
Depreciation 13,333 13,333 14,167 14,167 14,167 15,417 15,417 15,417 15,417 15,417 15,417 15,417 177,083
Changes in operating assets & liabilities
Inventory (17,258) (24,075) 13,591 (3,458) 16,240 (7,621) (2,794) 12,956 (15,581) 339 1,016 (7,730) (34,375)
Receivables (40,323) (49,677) 30,323 (11,323) 25,839 (14,516) (5,323) 24,677 (29,677) 645 1,935 (14,724) (82,143)
Payables 7,622 14,596 (5,959) 38,929 (39,582) 6,856 (7,125) 16,289 4,171 (17,884) (4,848) 9,361 22,426
Cash generated from operations 6,956 16,408 97,020 14,773 47,912 30,964 49,083 61,227 (12,682) 48,746 71,769 49,712 481,889
Interest paid (7,792) (7,687) (7,582) (7,475) (8,077) (7,960) (7,842) (7,723) (7,603) (7,483) (7,361) (7,239) (91,823)
Taxation paid - - - - - (39,949) - - - - - (46,032) (85,981)
Net cash from operating activities (836) 8,721 89,439 7,298 39,835 (16,944) 41,242 53,504 (20,285) 41,263 64,407 (3,559) 304,085
Cash flows from investing activities

Purchases of property, plant & equipment - - (50,000) - - (75,000) - - - - - - (125,000)
Net cash used in investing activities - - (50,000) - - (75,000) - - - - - - (125,000)
Cash flows from financing activities

Proceeds from shareholders' contributions - - - 500 - - - - - - - - 500
Proceeds from loans - - - - 100,000 - - - - - - - 100,000
Repayment of loans (14,777) (14,881) (14,987) (15,093) (16,543) (16,660) (16,778) (16,897) (17,017) (17,137) (17,259) (17,381) (195,409)
Net cash from financing activities (14,777) (14,881) (14,987) (14,593) 83,457 (16,660) (16,778) (16,897) (17,017) (17,137) (17,259) (17,381) (94,909)
Increase / (Decrease) in cash equivalents (15,612) (6,160) 24,452 (7,295) 123,292 (108,604) 24,464 36,607 (37,302) 24,126 47,149 (20,940) 84,177
Cash & cash equivalents at beginning of year 21,000 5,388 (772) 23,680 16,385 139,677 31,073 55,536 92,144 54,842 78,967 126,116 21,000
Cash & cash equivalents at end of year 5,388 (772) 23,680 16,385 139,677 31,073 55,536 92,144 54,842 78,967 126,116 105,177 105,177
Page 11 of 33
Turnover 350,000 320,000 345,000 354,000 347,000 310,000 315,000 350,000 338,000 362,000 357,000 353,000 4,101,000
Cost of Sales 220,500 201,600 217,350 223,020 218,610 192,200 195,300 217,000 209,560 224,440 221,340 215,330 2,556,250
Gross Profit 129,500 118,400 127,650 130,980 128,390 117,800 119,700 133,000 128,440 137,560 135,660 137,670 1,544,750
Gross Profit % 37.0% 37.0% 37.0% 37.0% 37.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 39.0% 37.7%
Expenses
Accounting Fees 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000
Bank Charges 500 500 500 500 500 500 500 500 500 500 500 500 6,000
Cleaning Expenses 920 920 920 920 920 920 920 920 945 945 945 945 11,140
Computer Expenses - - - - - 1,285 - - - 890 - - 2,175
Consumables 543 - - 875 567 357 - 5,778 - - - 644 8,764
Electricity & Water 2,700 2,700 2,700 2,700 2,700 2,700 2,700 2,700 3,200 3,200 3,200 3,200 34,400
Entertainment - - - - - - - 22,000 - - - - 22,000
Equipment Hire - - - - - - - - - - 33,000 - 33,000
Insurance 2,300 2,300 2,300 2,300 2,300 2,300 3,200 3,200 3,200 3,200 3,200 3,200 33,000
Legal Fees - - - - - - - - - 12,340 - - 12,340
Motor Vehicle Expenses - - - 12,300 - - - - - - - - 12,300
Postage 140 140 140 140 140 140 140 140 140 140 140 140 1,680
Professional Fees - 7,510 - - - - - - - - - - 7,510
Rent 12,400 12,400 12,400 12,400 12,400 12,400 12,400 12,400 12,400 12,400 12,400 12,400 148,800
Repairs & Maintenance - - - 2,100 - - - - - 2,320 - - 4,420
Salaries & Wages 35,400 35,400 35,400 35,400 35,400 35,400 35,400 35,400 35,400 35,400 35,400 35,400 424,800
Security 378 378 378 378 378 378 378 378 378 378 378 378 4,536
Subscriptions - - - - - 3,670 - - - - - - 3,670
Telephone & Fax 3,420 3,420 3,420 3,420 3,420 3,420 3,420 3,420 3,420 3,420 3,420 3,420 41,040
Training - - - - - - - - 8,520 - - - 8,520
Uniforms - - - - 900 - - - - - - - 900
Total Expenses 66,121 90,088 65,578 80,853 67,045 104,890 66,478 94,256 75,523 124,553 100,003 67,647 1,003,035
Depreciation 13,715 13,715 13,715 13,715 13,715 13,715 13,715 14,215 14,215 14,215 14,215 14,215 167,083
Profit / (Loss) before Interest & Tax 49,664 14,597 48,357 36,412 47,630 (805) 39,507 24,529 38,702 (1,208) 21,442 55,808 374,632
Interest 7,116 6,992 6,867 7,308 7,174 7,038 6,902 6,765 6,627 6,488 6,348 6,207 81,832
Taxation 11,913 2,129 11,617 8,149 11,328 (2,196) 9,129 4,974 8,981 (2,155) 4,226 13,888 81,984
Profit / (Loss) for the year 30,634 5,475 29,873 20,955 29,128 (5,647) 23,475 12,790 23,094 (5,541) 10,868 35,713 210,816
Page 12 of 33
Profit / (Loss) for the year 30,634 5,475 29,873 20,955 29,128 (5,647) 23,475 12,790 23,094 (5,541) 10,868 35,713 210,816
Interest 7,116 6,992 6,867 7,308 7,174 7,038 6,902 6,765 6,627 6,488 6,348 6,207 81,832
Taxation 11,913 2,129 11,617 8,149 11,328 (2,196) 9,129 4,974 8,981 (2,155) 4,226 13,888 81,984
Depreciation 13,715 13,715 13,715 13,715 13,715 13,715 13,715 14,215 14,215 14,215 14,215 14,215 167,083
Inventory (3,448) 9,823 (7,282) (10,568) 9,552 21,298 (7,750) (12,250) 367 (6,367) 2,500 (13,759) (17,884)
Receivables (6,567) 18,710 (13,871) (20,129) 18,194 35,806 (15,000) (23,710) 710 (12,323) 4,839 (32,730) (46,071)
Payables 6,262 7,156 (8,943) 15,036 (13,716) 5,533 (12,864) 19,719 (8,066) 26,326 (13,379) (3,894) 19,169
Cash generated from operations 59,626 64,001 31,975 34,466 75,374 75,548 17,608 22,503 45,927 20,644 29,617 19,640 496,929
Interest paid (7,116) (6,992) (6,867) (7,308) (7,174) (7,038) (6,902) (6,765) (6,627) (6,488) (6,348) (6,207) (81,832)
Taxation paid - - - - - (42,940) - - - - - (39,043) (81,984)
Net cash from operating activities 52,510 57,009 25,108 27,158 68,200 25,569 10,705 15,738 39,300 14,156 23,269 (25,610) 333,113

Purchases of property, plant & equipment (75,000) - - - - - - (30,000) - - - - (105,000)
Net cash used in investing activities (75,000) - - - - - - (30,000) - - - - (105,000)

Proceeds from shareholders' contributions - - - - - - - - - - - - -
Proceeds from loans ### - - 80,000 - - - - - - - - 80,000
Net cash from financing activities (17,504) (17,628) (17,753) 61,047 (19,087) (19,223) (19,359) (19,496) (19,634) (19,773) (19,913) (20,054) (148,378)
Increase / (Decrease) in cash equivalents (39,994) 39,381 7,356 88,205 49,113 6,346 (8,653) (33,758) 19,666 (5,617) 3,356 (45,665) 79,735
Cash & cash equivalents at beginning of year 105,177 65,183 104,564 111,919 200,124 249,237 255,583 246,930 213,172 232,838 227,221 230,576 105,177
Cash & cash equivalents at end of year 65,183 104,564 111,919 200,124 249,237 255,583 246,930 213,172 232,838 227,221 230,576 184,911 184,911
Page 13 of 33
Turnover 362,000 368,000 349,000 370,000 364,000 381,000 389,000 372,000 380,000 385,000 374,000 390,000 4,484,000
Cost of Sales 217,200 220,800 209,400 222,000 218,400 228,600 233,400 223,200 228,000 231,000 224,400 234,000 2,690,400
Gross Profit 144,800 147,200 139,600 148,000 145,600 152,400 155,600 148,800 152,000 154,000 149,600 156,000 1,793,600
Gross Profit % 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0%
Expenses
Accounting Fees 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000
Bank Charges 730 730 730 730 730 730 730 730 730 730 730 730 8,760
Cleaning Expenses 1,034 1,034 1,034 1,034 1,034 1,034 2,080 2,080 2,080 2,080 2,080 2,080 18,684
Computer Expenses - - 854 - - - - 1,070 - - - - 1,924
Consumables 1,250 655 3,556 - - 764 755 976 - - 455 987 9,398
Entertainment - - - - - - 29,000 - - - - - 29,000
Equipment Hire - - - - 29,000 - - - - - - - 29,000
Insurance 5,100 5,100 5,100 5,100 5,100 5,100 5,100 6,200 6,200 6,200 6,200 6,200 66,700
Legal Fees - - - 23,100 - - - - - - - - 23,100
Motor Vehicle Expenses - - - - 8,120 - - - - - - - 8,120
Postage 160 160 160 160 160 160 160 160 160 160 160 160 1,920
Professional Fees - 2,300 - - - - - - 3,900 - - - 6,200
Rent 14,800 14,800 14,800 14,800 14,800 14,800 14,800 14,800 14,800 14,800 14,800 14,800 177,600
Repairs & Maintenance - 1,900 - - - 7,200 - - - - - - 9,100
Salaries & Wages 43,900 43,900 43,900 43,900 43,900 43,900 43,900 43,900 43,900 43,900 43,900 43,900 526,800
Security 421 421 421 421 421 421 421 421 421 421 421 421 5,052
Subscriptions - - - - - 4,020 - - - - - - 4,020
Telephone & Fax 3,890 3,890 3,890 3,890 3,890 3,890 3,890 3,890 3,890 3,890 3,890 3,890 46,680
Training - - 7,400 - - - - - - - - - 7,400
Uniforms - - - 710 - - - - - - - - 710
Total Expenses 82,695 135,300 93,255 105,255 178,565 96,429 115,246 88,937 114,791 96,891 97,346 97,878 1,302,588
Depreciation 11,431 12,797 12,797 12,797 12,797 12,797 12,797 12,797 12,797 14,381 14,381 14,381 156,950
Profit / (Loss) before Interest & Tax 50,674 (897) 33,548 29,948 (45,762) 43,174 27,557 47,066 24,412 42,728 37,873 43,741 334,062
Interest 6,065 5,922 5,778 5,633 6,018 5,863 5,708 5,552 5,394 5,235 5,288 5,124 67,579
Taxation 12,491 (1,909) 7,776 6,808 (14,498) 10,447 6,118 11,624 5,325 10,498 9,124 10,813 74,615
Profit / (Loss) for the year 32,119 (4,910) 19,994 17,507 (37,282) 26,863 15,731 29,890 13,693 26,995 23,462 27,804 191,868
Page 14 of 33
Interest 6,065 5,922 5,778 5,633 6,018 5,863 5,708 5,552 5,394 5,235 5,288 5,124 67,579
Taxation 12,491 (1,909) 7,776 6,808 (14,498) 10,447 6,118 11,624 5,325 10,498 9,124 10,813 74,615
Depreciation 11,431 12,797 12,797 12,797 12,797 12,797 12,797 12,797 12,797 14,381 14,381 14,381 156,950
Inventory 17,098 (8,839) 15,129 (16,129) 8,871 (8,226) (10,145) 14,500 (10,000) 3,710 5,323 (20,756) (9,465)
Receivables 27,892 (17,677) 30,258 (32,258) 17,742 (16,452) (20,290) 29,000 (20,000) 7,419 10,645 (41,513) (25,234)
Payables (6,484) 32,940 (31,604) 17,182 28,452 (34,808) 17,051 (23,289) 20,361 (12,739) (2,973) 15,977 20,066
Cash generated from operations 100,610 18,323 60,128 11,539 22,100 (3,514) 26,969 80,074 27,570 55,499 65,248 11,830 476,379
Interest paid (6,065) (5,922) (5,778) (5,633) (6,018) (5,863) (5,708) (5,552) (5,394) (5,235) (5,288) (5,124) (67,579)
Taxation paid - - - - - (21,114) - - - - - (53,501) (74,615)
Net cash from operating activities 94,545 12,402 54,350 5,907 16,082 (30,491) 21,261 74,522 22,176 50,264 59,960 (46,795) 334,185

Purchases of property, plant & equipment - (82,000) - - - - - - - (95,000) - - (177,000)
Net cash used in investing activities - (82,000) - - - - - - - (95,000) - - (177,000)

Proceeds from loans ### - - - 75,000 - - - - - 30,000 - 105,000
Net cash from financing activities (20,196) (20,339) (20,483) (20,629) 53,218 (21,936) (22,092) (22,248) (22,406) (22,565) 6,873 (23,291) (156,096)
Increase / (Decrease) in cash equivalents 74,349 (89,938) 33,867 (14,722) 69,300 (52,428) (830) 52,274 (229) (67,300) 66,833 (70,087) 1,089
Page 15 of 33
Actual Results - Income Statement
Turnover 298,700 335,243 319,070 321,090 315,642 319,030 342,080 337,070 387,010 362,098 365,209 345,100 4,047,342
Cost of Sales 194,752 215,226 208,991 210,635 205,799 207,370 217,563 214,039 243,429 224,863 231,908 214,307 2,588,882
Gross Profit 103,948 120,017 110,079 110,455 109,843 111,661 124,517 123,031 143,581 137,235 133,301 130,793 1,458,460
Gross Profit % 34.8% 35.8% 34.5% 34.4% 34.8% 35.0% 36.4% 36.5% 37.1% 37.9% 36.5% 37.9% 36.0%
Expenses
Accounting Fees 1,950 1,950 1,950 1,950 1,950 1,950 1,950 1,950 1,950 1,950 1,950 1,950 23,400
Bank Charges 180 180 180 180 180 180 180 180 180 180 180 180 2,160
On
On this
Cleaning Expenses - - 1,500 - sheet:
this sheet: - - - 3,100 - - 3,450 - 8,050
This
This sheet
sheet includes
includes thethe actual
actual monthly
monthly income
income statement
statement andand cash
cash flow
flow statement
statement results.
results. The
The
Computer Expenses -
monthly - - 5,200 - - - - - 3,860 - - 9,060
monthly turnover
turnover amounts,
amounts, gross
gross profit
profit percentages,
expenses, interest
interest amounts,
amounts, taxation
taxation
Consumables 80
amounts, loan -
amounts and -
capital expenditure - amounts 1,239
need to be 89
entered
amounts, loan amounts and capital expenditure amounts need to be entered and all the other and all 120
the other - 109 900 - - 2,537
Electricity & Water amounts
1,390 are
amounts are automatically
automatically
1,390 calculated.
calculated.
1,390 Rows
Rows that
that require
1,390 user
user input
require 1,390 input are highlighted
highlighted in
are1,420 in yellow
yellow in
1,420 in 1,420 1,420 1,420 1,420 1,420 16,890
Entertainment column
column-A. A. Note
Note that
that you
you
- can
can add
add additional
additional
- expense
expense
- accounts
accounts- ifif required
required and - you
and you can
can also - use
also use the
the13,420 - - - - 13,420
template
template for
for service
service- based
based businesses
businesses by
by simply
simply entering
entering aa monthly
monthly grossgross profit percentage of
Equipment Hire - 900 - 13,500 - profit percentage
- of - - - - - 14,400
100%. The monthly reporting periods are based on the start date that is specified
100%. The monthly reporting periods are based on the start date that is specified in cell B5 on the in cell B5 on the
Insurance 1,950 1,950 1,950 Assumptions
1,950 1,950
sheet. 1,950 2,500 2,500 2,500 2,500 2,500 2,500 26,700
Assumptions sheet.
Legal Fees - - - 63,540 - - - - - - - - 63,540
Motor Vehicle Expenses - - - - - - - - 2,102 - - - 2,102
Postage - - - 1,200 - - - - - - - - 1,200
Printing & Stationery - - - 1,820 - - - - - - - 1,211 3,031
Professional Fees - - - - - - - 28,200 - - - - 28,200
Rent 9,780 9,780 9,780 9,780 9,780 9,780 9,780 9,780 9,780 9,780 9,780 9,780 117,360
Repairs & Maintenance - - 800 - - 710 - 3,100 2,900 - - - 7,510
Salaries & Wages 23,050 23,050 23,050 23,050 23,050 23,050 23,050 23,050 23,050 23,050 23,050 23,050 276,600
Security 389 389 389 389 389 389 389 389 389 389 389 389 4,668
Subscriptions - - - - - 3,200 - - - - - - 3,200
Telephone & Fax 2,509 2,652 2,701 2,390 2,457 2,489 2,490 2,432 2,673 2,561 2,543 2,539 30,436
Training - - - - - - - 11,200 - - - - 11,200
Uniforms - - - - - - 2,536 - - - - - 2,536
Total Expenses 44,778 45,541 53,590 120,159 59,183 63,907 47,665 103,971 84,053 58,590 48,462 46,999 776,898
Depreciation 13,000 13,000 14,100 14,100 14,100 15,400 15,400 15,400 15,400 15,400 15,400 15,400 176,100
Profit / (Loss) before Interest & Tax 46,170 61,476 42,389 (23,804) 36,560 32,354 61,452 3,660 44,128 63,245 69,439 68,394 505,462
Interest 9,167 9,048 8,929 8,809 9,437 9,305 9,172 9,038 8,902 8,766 8,628 8,489 107,690
Taxation 10,360 14,680 9,370 - - 4,940 14,640 - 8,350 15,250 17,030 16,770 111,390
Page 16 of 33
Actual Results - Cash Flow Statement
Interest 9,167 9,048 8,929 8,809 9,437 9,305 9,172 9,038 8,902 8,766 8,628 8,489 107,690
Taxation 10,360 14,680 9,370 - - 4,940 14,640 - 8,350 15,250 17,030 16,770 111,390
Depreciation 13,000 13,000 14,100 14,100 14,100 15,400 15,400 15,400 15,400 15,400 15,400 15,400 176,100
Inventory (16,000) (24,000) 15,000 (6,200) 16,200 (10,000) (13,000) 26,000 (18,000) - (5,000) 15,000 (20,000)
Receivables (40,300) (15,700) (9,000) (4,000) 17,998 (7,698) (32,190) 38,918 (23,015) (1,000) (3,119) 29,406 (49,700)
Payables 2,380 (12,379) (10,656) (10,692) 24,236 7,311 (22,970) 24,770 (22,800) 14,256 23,574 (13,043) 3,987
Cash generated from operations 5,250 22,397 51,833 (30,596) 109,094 37,367 8,692 108,748 (4,287) 91,901 100,294 115,157 615,849
Interest paid (9,167) (9,048) (8,929) (8,809) (9,437) (9,305) (9,172) (9,038) (8,902) (8,766) (8,628) (8,489) (107,690)
Taxation paid - - - - - (39,350) - - - - - (72,040) (111,390)
Net cash from operating activities (3,917) 13,349 42,904 (39,405) 99,657 (11,289) (480) 99,710 (13,189) 83,135 91,666 34,628 396,769

Purchases of property, plant & equipment - - - - (102,000) - - (32,000) - - - - (134,000)
Net cash used in investing activities - - - - (102,000) - - (32,000) - - - - (134,000)

Proceeds from shareholders' contributions - - 500 - - - - - - - - - 500
Proceeds from loans - - - - 90,000 - - - - - - - 90,000
Net cash from financing activities (14,205) (14,324) (13,942) (14,562) 74,152 (15,979) (16,112) (16,246) (16,382) (16,518) (16,656) (16,795) (97,569)
Increase / (Decrease) in cash equivalents (18,122) (975) 28,962 (53,967) 71,809 (27,268) (16,592) 51,464 (29,571) 66,617 75,010 17,833 165,200
Cash & cash equivalents at beginning of year 21,000 2,878 1,903 30,865 (23,102) 48,707 21,440 4,848 56,311 26,740 93,357 168,367 21,000
Cash & cash equivalents at end of year 2,878 1,903 30,865 (23,102) 48,707 21,440 4,848 56,311 26,740 93,357 168,367 186,200 186,200
Page 17 of 33
Turnover 320,900 319,008 354,109 367,981 362,098 325,679 327,070 342,890 335,672 367,980 362,874 351,208 4,137,469
Cost of Sales 198,637 199,061 221,672 231,092 225,949 198,013 204,746 212,935 207,445 226,308 221,716 215,642 2,563,216
Gross Profit 122,263 119,947 132,437 136,889 136,149 127,666 122,324 129,955 128,227 141,672 141,158 135,566 1,574,253
Gross Profit % 38.1% 37.6% 37.4% 37.2% 37.6% 39.2% 37.4% 37.9% 38.2% 38.5% 38.9% 38.6% 38.0%
Expenses
Accounting Fees 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 25,200
Bank Charges 210 210 210 210 210 210 210 210 210 210 210 210 2,520
Cleaning Expenses - - - 1,890 - - - 3,540 - - - - 5,430
Computer Expenses - - - - - - - - - 4,180 - - 4,180
Consumables 890 - 87 - - 2,100 - - 3,289 - - 98 6,464
Entertainment - - - - - - - 23,982 - 800 - - 24,782
Equipment Hire - - - - - - 23,000 - - 12,000 - - 35,000
Insurance 2,760 2,760 2,760 2,760 2,760 2,760 3,070 3,070 3,070 3,070 3,070 3,070 34,980
Legal Fees - - - - - - - - - 11,900 - - 11,900
Motor Vehicle Expenses - - - 10,872 - - - - - - - - 10,872
Postage - - - 1,900 - - - - - - - - 1,900
Printing & Stationery - - - - - 3,420 - - - 1,890 - - 5,310
Professional Fees - 7,510 - - - - - - - - - - 7,510
Rent 11,340 11,340 11,340 11,340 11,340 11,340 11,340 11,340 11,340 11,340 11,340 11,340 136,080
Repairs & Maintenance - - - 1,290 - - - - - 3,109 - - 4,399
Salaries & Wages 32,100 32,100 32,100 32,100 32,100 32,100 32,100 32,100 32,100 32,100 32,100 32,100 385,200
Security 402 402 402 402 402 402 402 402 402 402 402 402 4,824
Subscriptions - - - - - 3,570 - - - - - - 3,570
Telephone & Fax 2,900 2,987 3,478 3,542 3,567 3,541 3,581 3,598 3,672 3,652 3,652 3,678 41,848
Training - - - - - - - - 239 1,987 - - 2,226
Uniforms - - - - - - - 863 - - - - 863
Total Expenses 58,256 79,717 59,118 75,260 59,233 98,697 89,257 97,376 66,596 130,363 59,105 60,199 933,177
Depreciation 13,700 13,700 13,700 13,700 13,700 13,700 13,700 14,200 14,200 14,200 14,200 14,200 166,900
Profit / (Loss) before Interest & Tax 50,307 26,530 59,619 47,929 63,216 15,269 19,367 18,379 47,431 (2,891) 67,853 61,167 474,176
Interest 8,349 8,208 8,066 8,423 8,271 8,119 7,965 7,810 7,654 7,497 7,338 7,178 94,878
Taxation 11,750 5,130 14,430 11,060 15,380 2,000 3,190 2,960 11,140 - 14,030 15,120 106,190
Profit / (Loss) for the year 30,208 13,192 37,123 28,446 39,565 5,150 8,212 7,609 28,637 (10,388) 46,485 38,869 273,108
Page 18 of 33
Profit / (Loss) for the year 30,208 13,192 37,123 28,446 39,565 5,150 8,212 7,609 28,637 (10,388) 46,485 38,869 273,108
Interest 8,349 8,208 8,066 8,423 8,271 8,119 7,965 7,810 7,654 7,497 7,338 7,178 94,878
Taxation 11,750 5,130 14,430 11,060 15,380 2,000 3,190 2,960 11,140 - 14,030 15,120 106,190
Depreciation 13,700 13,700 13,700 13,700 13,700 13,700 13,700 14,200 14,200 14,200 14,200 14,200 166,900
Inventory (18,000) 12,800 (11,030) (13,770) 11,100 13,700 (7,800) (3,000) 2,600 (6,900) (7,300) 15,260 (12,340)
Receivables (35,930) 17,341 (23,699) (19,100) 8,748 41,464 (8,687) (11,736) (19,901) 4,300 (14,177) 3,987 (57,390)
Payables (13,638) 44,851 (42,340) 4,963 15,217 5,050 2,992 (11,352) 4,340 (10,870) 4,030 14,810 18,053
Cash generated from operations (3,561) 115,222 (3,750) 33,722 111,981 89,183 19,572 6,491 48,670 (2,161) 64,606 109,424 589,399
Interest paid (8,349) (8,208) (8,066) (8,423) (8,271) (8,119) (7,965) (7,810) (7,654) (7,497) (7,338) (7,178) (94,878)
Taxation paid - - - - - (59,750) - - - - - (46,440) (106,190)
Net cash from operating activities (11,910) 107,014 (11,816) 25,299 103,710 21,314 11,607 (1,319) 41,016 (9,658) 57,268 55,806 388,331

Purchases of property, plant & equipment (63,008) - - - - - - (23,980) - - - - (86,988)
Net cash used in investing activities (63,008) - - - - - - (23,980) - - - - (86,988)

Proceeds from loans ### - - - - - - - - - - - -
Repayment of loans (16,934) (17,076) (17,218) 41,864 (18,287) (18,440) (18,594) (18,748) (18,905) (19,062) (19,221) (19,381) (160,002)
Net cash from financing activities (16,934) (17,076) (17,218) 41,864 (18,287) (18,440) (18,594) (18,748) (18,905) (19,062) (19,221) (19,381) (160,002)
Increase / (Decrease) in cash equivalents (91,852) 89,938 (29,034) 67,163 85,423 2,874 (6,987) (44,047) 22,111 (28,720) 38,047 36,425 141,341
Page 19 of 33
Turnover 325,070 372,070 345,230 378,996 361,208 401,920 382,080 384,391 372,450 381,200 373,450 362,300 4,440,365
Cost of Sales 196,342 227,335 208,864 232,325 216,364 242,358 231,923 229,481 223,098 230,626 221,082 213,395 2,673,192
Gross Profit 128,728 144,735 136,366 146,671 144,844 159,562 150,157 154,910 149,352 150,574 152,368 148,905 1,767,173
Gross Profit % 39.6% 38.9% 39.5% 38.7% 40.1% 39.7% 39.3% 40.3% 40.1% 39.5% 40.8% 41.1% 39.8%
Expenses
Accounting Fees 2,450 2,450 2,450 2,450 2,450 2,450 2,450 2,450 2,450 2,450 2,450 2,450 29,400
Bank Charges 250 250 250 250 250 250 250 250 250 250 250 250 3,000
Cleaning Expenses - - - 4,200 - - - - 3,890 2,080 - - 10,170
Computer Expenses - - 7,620 - - - - - - - - - 7,620
Consumables - - 5,100 - - 76 - - - - - - 5,176
Entertainment - - - - - - 23,420 - - - - - 23,420
Equipment Hire - - - - 1,200 28,900 - - - - - - 30,100
Insurance 4,060 4,060 4,060 4,060 4,060 4,060 4,060 5,980 5,980 5,980 5,980 5,980 58,320
Legal Fees - - - 21,987 - - - - - - - - 21,987
Motor Vehicle Expenses - - - - 7,862 - - - - - - - 7,862
Postage - - - 2,170 - - - - - - - - 2,170
Printing & Stationery 155 - 211 - - 3,298 - 120 - 3,290 - - 7,074
Professional Fees - 12,090 - - - - - - 1,329 - - - 13,419
Rent 15,250 15,250 15,250 15,250 15,250 15,250 15,250 15,250 15,250 15,250 15,250 15,250 183,000
Repairs & Maintenance - 1,900 - - - 6,876 - - - - - - 8,776
Salaries & Wages 39,700 39,700 39,700 39,700 39,700 39,700 39,700 39,700 39,700 39,700 39,700 39,700 476,400
Security 456 456 456 456 456 456 456 456 456 456 456 456 5,472
Subscriptions - - - - - 4,120 - - - - - - 4,120
Telephone & Fax 3,987 3,645 3,590 3,765 3,710 3,688 3,965 3,290 3,871 4,102 4,008 4,209 45,830
Training - - 6,200 865 - - - - - - - - 7,065
Uniforms - - 210 - 539 - - - - - - - 749
Total Expenses 74,738 126,151 93,347 103,603 136,927 120,804 103,361 79,687 109,267 111,429 83,215 86,586 1,229,115
Depreciation 11,400 12,800 12,800 12,800 12,800 12,800 12,800 12,800 12,800 14,300 14,300 14,300 156,700
Profit / (Loss) before Interest & Tax 42,590 5,784 30,219 30,268 (4,883) 25,958 33,996 62,423 27,285 24,845 54,853 48,019 381,358
Interest 7,016 6,853 6,689 6,523 7,023 6,846 6,668 6,488 6,306 6,123 6,189 6,000 78,724
Taxation 9,960 - 6,290 6,650 - 2,020 7,650 15,660 5,870 5,240 13,630 11,770 84,740
Page 20 of 33
Interest 7,016 6,853 6,689 6,523 7,023 6,846 6,668 6,488 6,306 6,123 6,189 6,000 78,724
Taxation 9,960 - 6,290 6,650 - 2,020 7,650 15,660 5,870 5,240 13,630 11,770 84,740
Depreciation 11,400 12,800 12,800 12,800 12,800 12,800 12,800 12,800 12,800 14,300 14,300 14,300 156,700
Inventory (14,660) 7,800 9,900 (13,700) 7,800 (7,200) (16,500) 10,900 (4,000) 4,770 10,330 (14,330) (18,890)
Receivables (98) 10,407 (18,419) (13,700) 18,600 (5,000) (32,550) 18,950 (11,300) 9,982 (10,062) 14,880 (18,310)
Payables 11,040 (34,072) 23,062 7,130 (12,820) 2,650 14,040 22,160 (33,158) 2,823 9,090 (18,185) (6,240)
Cash generated from operations 50,272 2,719 57,562 22,798 21,497 29,208 11,786 127,233 (8,373) 56,720 78,511 44,684 494,618
Interest paid (7,016) (6,853) (6,689) (6,523) (7,023) (6,846) (6,668) (6,488) (6,306) (6,123) (6,189) (6,000) (78,724)
Taxation paid - - - - - (24,920) - - - - - (59,820) (84,740)
Net cash from operating activities 43,256 (4,134) 50,873 16,275 14,474 (2,558) 5,118 120,745 (14,679) 50,597 72,322 (21,136) 331,154

Purchases of property, plant & equipment - (81,200) - - - - - - - (94,300) - - (175,500)
Net cash used in investing activities - (81,200) - - - - - - - (94,300) - - (175,500)

Proceeds from loans ### - - - - - - - - - - - -
Repayment of loans (19,543) (19,706) (19,869) (20,036) 58,765 (21,413) (21,590) (21,771) (21,952) (22,136) 7,293 (22,896) (144,854)
Net cash from financing activities (19,543) (19,706) (19,869) (20,036) 58,765 (21,413) (21,590) (21,771) (21,952) (22,136) 7,293 (22,896) (144,854)
Increase / (Decrease) in cash equivalents 23,713 (105,040) 31,004 (3,761) 73,239 (23,971) (16,472) 98,974 (36,631) (65,839) 79,615 (44,032) 10,800
Page 21 of 33
Forecast - Balance Sheet
Feb-2013 Mar-2013 Apr-2013 May-2013 Jun-2013 Jul-2013 Aug-2013 Sep-2013 Oct-2013 Nov-2013 Dec-2013 Jan-2014
Assets
Property, Plant & Equipment 800,000 786,667 773,333 809,167 795,000 780,833 840,417 825,000 809,583 794,167 778,750 763,333
Current Assets
Inventory 140,000 157,258 181,333 167,742 171,200 154,960 162,581 165,375 152,419 168,000 167,661 166,645
Receivables 250,000 290,323 340,000 309,677 321,000 295,161 309,677 315,000 290,323 320,000 319,355 317,419
Cash 21,000 5,388 (772) 23,680 16,385 139,677 31,073 55,536 92,144 54,842 78,967 126,116
1,211,000 1,239,635 1,293,894 1,310,266 1,303,585 1,370,631 1,343,748 1,360,911 1,344,469 1,337,008 1,344,734 1,373,514
Equity & Liabilities
Shareholders' Contributions 1,000 1,000 1,000 1,000 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500
Retained Earnings - 25,769 65,041 91,909 69,577 86,260 102,726 132,294 120,893 124,770 155,548 192,186
Long Term Loans 1,100,000 1,085,223 1,070,342 1,055,356 1,040,263 1,123,720 1,107,060 1,090,282 1,073,385 1,056,368 1,039,231 1,021,972
Current Liabilities
Payables 110,000 117,622 On
On this
132,218 this sheet:
sheet:
126,259 165,188 125,606 132,462 125,338 141,627 145,798 127,913 123,065
This
This sheet
sheet includes the
the forecast
includes10,021 forecast andand actual
actual balance
balance sheets.
sheets. The forecast
forecast balance
The27,058 balance sheet
sheet
Provision for Taxation - 25,294 35,742 33,546 - 11,499 7,065 8,573 20,542 34,790
is
is calculated
calculated from from the
the values
values that
that are
are entered
entered onon the
the Assumptions
Assumptions sheet sheet and
and the
the
1,211,000
calculations
calculations on 1,239,635
on the
the monthly
monthly income1,293,894
income statement 1,310,266
statement and
and cash
cash flow1,303,585
flow statement 1,370,631
statement forecast.
forecast. No
No 1,343,748 1,360,911 1,344,469 1,337,008 1,344,734 1,373,514
user
user input
input isis required
required for
for the
the forecast
forecast balances
balances onon this
this sheet.
sheet. Most
Most of of the
the balances
balances on on
Days in month the
the actual28 balance
actual balance sheet 31 need
sheet need toto be
be entered
entered
30 by
by the
the user.
user.
31 Rows
Rows that
that30require
require user
user input
input
31 31 30 31 30 31 31
are
are highlighted
highlighted in in yellow
yellow inin column
column A. A. The
The monthly
monthly reporting
reporting periods
periods are are based
based onon the
the
start
start date
date that
that is
is specified
specified in in cell
cell B5
B5 on
on the
the Assumptions
Assumptions sheet.sheet.
Actual Results - Balance Sheet
Feb-2013 Mar-2013 Apr-2013 May-2013 Jun-2013 Jul-2013 Aug-2013 Sep-2013 Oct-2013 Nov-2013 Dec-2013 Jan-2014
Assets
Current Assets
Inventory 140,000 156,000 180,000 165,000 171,200 155,000 165,000 178,000 152,000 170,000 170,000 175,000
Receivables 250,000 290,300 306,000 315,000 319,000 301,002 308,700 340,890 301,972 324,987 325,987 329,106
Cash 21,000 2,878 1,903 30,865 (23,102) 48,707 21,440 4,848 56,311 26,740 93,357 168,367
1,211,000 1,236,178 1,261,903 1,270,765 1,212,898 1,338,409 1,313,440 1,326,638 1,329,783 1,325,827 1,378,044 1,445,773
Retained Earnings - 26,643 64,391 88,481 55,868 82,991 101,100 138,740 133,361 160,237 199,466 243,247
Long Term Loans 1,100,000 1,085,795 1,071,471 1,057,029 1,042,467 1,116,619 1,100,640 1,084,528 1,068,282 1,051,900 1,035,382 1,018,726
Current Liabilities
Payables 110,000 112,380 100,001 89,345 78,653 102,889 110,200 87,230 112,000 89,200 103,456 127,030
Provision for Taxation - 10,360 25,040 34,410 34,410 34,410 - 14,640 14,640 22,990 38,240 55,270
1,211,000 1,236,178 1,261,903 1,270,765 1,212,898 1,338,409 1,313,440 1,326,638 1,329,783 1,325,827 1,378,044 1,445,773
Page 22 of 33
Feb-2014
Assets
Property, Plant & Equipment 747,917
Current Assets
Inventory 174,375
Receivables 332,143
Cash 105,177
1,359,611
Shareholders' Contributions 1,500
Retained Earnings 221,094
Long Term Loans 1,004,591
Current Liabilities
Payables 132,426
1,359,611
Days in month 28

Feb-2014
Assets
Property, Plant & Equipment 757,900
Current Assets
Inventory 160,000
Receivables 299,700
Cash 186,200
1,403,800
Shareholders' Contributions 1,500
Retained Earnings 286,382
Long Term Loans 1,001,931
Current Liabilities
Payables 113,987
1,403,800
Page 23 of 33
Mar-2014 Apr-2014 May-2014 Jun-2014 Jul-2014 Aug-2014 Sep-2014 Oct-2014 Nov-2014 Dec-2014 Jan-2015 Feb-2015
Assets
Current Assets
Inventory 177,823 168,000 175,282 185,850 176,298 155,000 162,750 175,000 174,633 181,000 178,500 192,259
Receivables 338,710 320,000 333,871 354,000 335,806 300,000 315,000 338,710 338,000 350,323 345,484 378,214
Cash 65,183 104,564 111,919 200,124 249,237 255,583 246,930 213,172 232,838 227,221 230,576 184,911
1,390,917 1,388,050 1,402,844 1,508,030 1,515,682 1,451,208 1,451,590 1,469,576 1,473,950 1,472,807 1,454,609 1,441,218
Retained Earnings 251,728 257,204 287,077 308,031 337,160 331,512 354,987 367,777 390,871 385,329 396,197 431,910
Long Term Loans 987,087 969,459 951,706 1,012,753 993,666 974,443 955,084 935,588 915,954 896,181 876,268 856,213
Current Liabilities
Payables 138,688 145,844 136,901 151,937 138,220 143,753 130,889 150,608 142,542 168,868 155,489 151,595
Provision for Taxation 11,913 14,043 25,660 33,809 45,137 - 9,129 14,103 23,084 20,929 25,155 -
1,390,917 1,388,050 1,402,844 1,508,030 1,515,682 1,451,208 1,451,590 1,469,576 1,473,950 1,472,807 1,454,609 1,441,218
Days in month 31 30 31 30 31 31 30 31 30 31 31 28

Assets
Current Assets
Inventory 178,000 165,200 176,230 190,000 178,900 165,200 173,000 176,000 173,400 180,300 187,600 172,340
Receivables 335,630 318,289 341,988 361,088 352,340 310,876 319,563 331,299 351,200 346,900 361,077 357,090
Cash 94,348 184,286 155,252 222,415 307,838 310,712 303,725 259,678 281,789 253,069 291,116 327,542
1,415,186 1,461,283 1,453,278 1,539,611 1,591,486 1,525,496 1,521,296 1,501,765 1,526,977 1,486,657 1,531,981 1,534,960
Long Term Loans 984,997 967,921 950,703 992,567 974,280 955,840 937,246 918,498 899,593 880,531 861,310 841,929
Current Liabilities
Payables 100,349 145,200 102,860 107,823 123,040 128,090 131,082 119,730 124,070 113,200 117,230 132,040
1,415,186 1,461,283 1,453,278 1,539,611 1,591,486 1,525,496 1,521,296 1,501,765 1,526,977 1,486,657 1,531,981 1,534,960
Page 24 of 33
Assets
Current Assets
Inventory 175,161 184,000 168,871 185,000 176,129 184,355 194,500 180,000 190,000 186,290 180,968 201,724
Receivables 350,323 368,000 337,742 370,000 352,258 368,710 389,000 360,000 380,000 372,581 361,935 403,448
Cash 259,260 169,322 203,189 188,468 257,768 205,340 204,510 256,784 256,554 189,254 256,087 186,000
1,459,147 1,464,928 1,440,611 1,461,479 1,491,369 1,450,821 1,467,629 1,463,606 1,480,579 1,482,769 1,519,254 1,497,056
Long Term Loans 836,017 815,678 795,194 774,566 827,784 805,847 783,755 761,507 739,101 716,537 723,409 700,118
Current Liabilities
Payables 145,110 178,050 146,446 163,628 192,080 157,272 174,323 151,034 171,396 158,657 155,684 171,661
1,459,147 1,464,928 1,440,611 1,461,479 1,491,369 1,450,821 1,467,629 1,463,606 1,480,579 1,482,769 1,519,254 1,497,056
Days in month 31 30 31 30 31 31 30 31 30 31 31 29

Assets
Current Assets
Inventory 187,000 179,200 169,300 183,000 175,200 182,400 198,900 188,000 192,000 187,230 176,900 191,230
Receivables 357,188 346,781 365,200 378,900 360,300 365,300 397,850 378,900 390,200 380,218 390,280 375,400
Cash 351,254 246,215 277,219 273,458 346,697 322,727 306,255 405,229 368,598 302,759 382,374 338,342
1,562,030 1,507,184 1,533,907 1,544,746 1,578,785 1,554,215 1,573,993 1,630,317 1,596,186 1,595,595 1,660,642 1,601,760
Long Term Loans 822,386 802,680 782,811 762,775 821,540 800,127 778,537 756,766 734,814 712,678 719,971 697,075
Current Liabilities
Payables 143,080 109,008 132,070 139,200 126,380 129,030 143,070 165,230 132,072 134,895 143,985 125,800
1,562,030 1,507,184 1,533,907 1,544,746 1,578,785 1,554,215 1,573,993 1,630,317 1,596,186 1,595,595 1,660,642 1,601,760
Page 25 of 33
Forecast - Loan Repayment Schedule
Interest Rate 8.5%

Repayment Term 5.0
Interest Only No
Opening Additional Loan Interest Capital Closing
Month
Balance Financing Repayments Charged Repayments Balance
Feb-2013 - 1,100,000 - - - 1,100,000
Mar-2013 1,100,000 - 22,568 7,792 14,777 1,085,223
Apr-2013 1,085,223 - 22,568 7,687 14,881 1,070,342
May-2013 1,070,342 - 22,568 7,582 14,987 1,055,356
Jun-2013 1,055,356 - 22,568 7,475 15,093 1,040,263
Jul-2013 1,040,263 100,000 24,620 8,077 16,543 1,123,720
Aug-2013 1,123,720 - On 24,620 7,960 16,660 1,107,060
On this
this sheet:
sheet:
Sep-2013 This
This amortization
1,107,060 table
amortization table is
is calculated
-
calculated based on
on the
24,620
based the start-up
7,842long
start-up long term loans
term16,778
loans 1,090,282
Oct-2013 balance that is
balance1,090,282 entered on
that is entered on thethe Assumptions
- Assumptions sheet
24,620 sheet andand the monthly
the monthly16,897
7,723 loan
loan 1,073,385
Nov-2013
proceeds
proceeds that are entered on the Forecast
that are entered on -the Forecast
1,073,385
sheet. The monthly
24,620sheet. The 7,603
interest
monthly interest and
and
17,017 1,056,368
capital repayment
capital repayment amounts
amounts that
that are
are calculated
calculated are
are included
included on
on the
the forecast
forecast
Dec-2013 1,056,368 - 24,620 7,483 17,137 1,039,231
income
income statement
statement andand cash
cash flow
flow statement.
statement. NoNo user
user input
input isis required
required onon this
this
Jan-2014 1,039,231 - sheet.24,620
sheet. 7,361 17,259 1,021,972
Feb-2014 1,021,972 - 24,620 7,239 17,381 1,004,591
Mar-2014 1,004,591 - 24,620 7,116 17,504 987,087
Apr-2014 987,087 - 24,620 6,992 17,628 969,459
May-2014 969,459 - 24,620 6,867 17,753 951,706
Jun-2014 951,706 80,000 26,261 7,308 18,953 1,012,753
Jul-2014 1,012,753 - 26,261 7,174 19,087 993,666
Aug-2014 993,666 - 26,261 7,038 19,223 974,443
Sep-2014 974,443 - 26,261 6,902 19,359 955,084
Oct-2014 955,084 - 26,261 6,765 19,496 935,588
Nov-2014 935,588 - 26,261 6,627 19,634 915,954
Dec-2014 915,954 - 26,261 6,488 19,773 896,181
Jan-2015 896,181 - 26,261 6,348 19,913 876,268
Feb-2015 876,268 - 26,261 6,207 20,054 856,213
Mar-2015 856,213 - 26,261 6,065 20,196 836,017
Apr-2015 836,017 - 26,261 5,922 20,339 815,678
May-2015 815,678 - 26,261 5,778 20,483 795,194
Jun-2015 795,194 - 26,261 5,633 20,629 774,566
Jul-2015 774,566 75,000 27,800 6,018 21,782 827,784
Aug-2015 827,784 - 27,800 5,863 21,936 805,847
Sep-2015 805,847 - 27,800 5,708 22,092 783,755
Oct-2015 783,755 - 27,800 5,552 22,248 761,507
Nov-2015 761,507 - 27,800 5,394 22,406 739,101
Dec-2015 739,101 - 27,800 5,235 22,565 716,537
Jan-2016 716,537 30,000 28,415 5,288 23,127 723,409
Feb-2016 723,409 - 28,415 5,124 23,291 700,118
Mar-2016 700,118 - 28,415 4,959 23,456 676,662
Apr-2016 676,662 - 28,415 4,793 23,622 653,039
May-2016 653,039 - 28,415 4,626 23,790 629,250
Jun-2016 629,250 - 28,415 4,457 23,958 605,291
Jul-2016 605,291 - 28,415 4,287 24,128 581,164
Aug-2016 581,164 - 28,415 4,117 24,299 556,865
Sep-2016 556,865 - 28,415 3,944 24,471 532,394
Page 26 of 33
Interest Rate 8.5%

Repayment Term 5.0
Interest Only No
Month
Oct-2016 532,394 - 28,415 3,771 24,644 507,750
Nov-2016 507,750 - 28,415 3,597 24,819 482,931
Dec-2016 482,931 - 28,415 3,421 24,995 457,936
Jan-2017 457,936 - 28,415 3,244 25,172 432,764
Feb-2017 432,764 - 28,415 3,065 25,350 407,414
Mar-2017 407,414 - 28,415 2,886 25,530 381,885
Apr-2017 381,885 - 28,415 2,705 25,710 356,174
May-2017 356,174 - 28,415 2,523 25,892 330,282
Jun-2017 330,282 - 28,415 2,339 26,076 304,206
Jul-2017 304,206 - 28,415 2,155 26,261 277,945
Aug-2017 277,945 - 28,415 1,969 26,447 251,499
Sep-2017 251,499 - 28,415 1,781 26,634 224,865
Oct-2017 224,865 - 28,415 1,593 26,823 198,042
Nov-2017 198,042 - 28,415 1,403 27,013 171,030
Dec-2017 171,030 - 28,415 1,211 27,204 143,826
Jan-2018 143,826 - 28,415 1,019 27,397 116,429
Feb-2018 116,429 - 28,415 825 27,591 88,838
Mar-2018 88,838 - 5,847 629 5,218 83,620
Apr-2018 83,620 - 5,847 592 5,255 78,366
May-2018 78,366 - 5,847 555 5,292 73,073
Jun-2018 73,073 - 5,847 518 5,330 67,744
Jul-2018 67,744 - 3,796 480 3,316 64,428
Aug-2018 64,428 - 3,796 456 3,339 61,089
Sep-2018 61,089 - 3,796 433 3,363 57,726
Oct-2018 57,726 - 3,796 409 3,387 54,339
Nov-2018 54,339 - 3,796 385 3,411 50,929
Dec-2018 50,929 - 3,796 361 3,435 47,494
Jan-2019 47,494 - 3,796 336 3,459 44,035
Feb-2019 44,035 - 3,796 312 3,484 40,551
Mar-2019 40,551 - 3,796 287 3,508 37,043
Apr-2019 37,043 - 3,796 262 3,533 33,510
May-2019 33,510 - 3,796 237 3,558 29,952
Jun-2019 29,952 - 2,154 212 1,942 28,009
Jul-2019 28,009 - 2,154 198 1,956 26,054
Aug-2019 26,054 - 2,154 185 1,970 24,084
Sep-2019 24,084 - 2,154 171 1,984 22,100
Oct-2019 22,100 - 2,154 157 1,998 20,103
Nov-2019 20,103 - 2,154 142 2,012 18,091
Dec-2019 18,091 - 2,154 128 2,026 16,065
Jan-2020 16,065 - 2,154 114 2,040 14,024
Feb-2020 14,024 - 2,154 99 2,055 11,969
Mar-2020 11,969 - 2,154 85 2,069 9,900
Apr-2020 9,900 - 2,154 70 2,084 7,816
May-2020 7,816 - 2,154 55 2,099 5,717
Page 27 of 33
Interest Rate 8.5%

Repayment Term 5.0
Interest Only No
Month
Jun-2020 5,717 - 2,154 40 2,114 3,603
Jul-2020 3,603 - 615 26 590 3,013
Aug-2020 3,013 - 615 21 594 2,419
Sep-2020 2,419 - 615 17 598 1,821
Oct-2020 1,821 - 615 13 603 1,218
Nov-2020 1,218 - 615 9 607 611
Dec-2020 611 - 615 4 611 -
Jan-2021 - - - - - -
Feb-2021 - - - - - -
Mar-2021 - - - - - -
Apr-2021 - - - - - -
May-2021 - - - - - -
Jun-2021 - - - - - -
Jul-2021 - - - - - -
Aug-2021 - - - - - -
Sep-2021 - - - - - -
Oct-2021 - - - - - -
Nov-2021 - - - - - -
Dec-2021 - - - - - -
Jan-2022 - - - - - -
Feb-2022 - - - - - -
Mar-2022 - - - - - -
Apr-2022 - - - - - -
May-2022 - - - - - -
Jun-2022 - - - - - -
Jul-2022 - - - - - -
Aug-2022 - - - - - -
Sep-2022 - - - - - -
Oct-2022 - - - - - -
Nov-2022 - - - - - -
Dec-2022 - - - - - -
Jan-2023 - - - - - -
Feb-2023 - - - - - -
Mar-2023 - - - - - -
Apr-2023 - - - - - -
May-2023 - - - - - -
Jun-2023 - - - - - -
Jul-2023 - - - - - -
Aug-2023 - - - - - -
Sep-2023 - - - - - -
Oct-2023 - - - - - -
Nov-2023 - - - - - -
Dec-2023 - - - - - -
Jan-2024 - - - - - -
Page 28 of 33
Interest Rate 8.5%

Repayment Term 5.0
Interest Only No
Month
Feb-2024 - - - - - -
Mar-2024 - - - - - -
Apr-2024 - - - - - -
May-2024 - - - - - -
Jun-2024 - - - - - -
Jul-2024 - - - - - -
Aug-2024 - - - - - -
Sep-2024 - - - - - -
Oct-2024 - - - - - -
Nov-2024 - - - - - -
Dec-2024 - - - - - -
Jan-2025 - - - - - -
Feb-2025 - - - - - -
Mar-2025 - - - - - -
Apr-2025 - - - - - -
May-2025 - - - - - -
Jun-2025 - - - - - -
Jul-2025 - - - - - -
Aug-2025 - - - - - -
Sep-2025 - - - - - -
Oct-2025 - - - - - -
Nov-2025 - - - - - -
Dec-2025 - - - - - -
Jan-2026 - - - - - -
Feb-2026 - - - - - -
Page 29 of 33
Example Trading (Pty) Limited Copyright 2013 www.excel-skills.com Report Period Feb-2014
Management Report - Forecast vs Actual YTD - Months 12
Month Year-to-Date
Income Statement Forecast Actual Difference Diff % Forecast Actual Difference Diff %
Turnover 310,000 345,100 35,100 11.3% 310,000 345,100 35,100 11.3%
Cost of Sales 195,300 214,307 (19,007) (9.7%) 195,300 214,307 (19,007) (9.7%)
Gross Profit 114,700 130,793 16,093 14.0% 114,700 130,793 16,093 14.0%
Gross Profit % 37.0% 37.9% 0.9% 37.0% 37.9% 0.9%
Expenses
Accounting Fees 2,000 1,950 50 2.5% 2,000 1,950 50 2.5%
Advertising & Marketing 5,000 3,980 1,020 20.4% 5,000 3,980 1,020 20.4%
Bank Charges 250 180 70 28.0% 250 180 70 28.0%
Cleaning Expenses 860 - On
On this
860 this sheet:
sheet: 100.0% 860 - 860 100.0%
This
This unique
unique management
management report
report enables
enables users
users toto compare
compare the
the actual account
account balances
actual4,200 balances- to to
Computer Expenses 4,200 - 4,200 100.0% 4,200 100.0%
the
the forecast
forecast account
account balances
balances by by simply
simply selecting
selecting the
the appropriate
appropriate monthly
monthly period
period from
from the
the
Consumables list
list box
box inin- cell
cell I1.
I1. The - includes
The report
report -
includes aa detailed
detailed income -
income statement,
statement, cash -flow
cash flow statement
statement and-and - -
Electricity & Water balance
balance sheet
sheet and
1,200 and can be
be used
can1,420 used to
to compare
(220) the
compare the monthly and
and year-to-date
(18.3%)
monthly 1,200account
year-to-date account balances.
1,420
balances. (220) (18.3%)
Entertainment All
All the
the calculations
calculations
- on
on this
- sheet
this sheet are
are automated
automated
- and
and nono user
- input
user input is
is required
required
- on
on this
this sheet.
sheet.
- - -
Equipment Hire - - - - - - - -
Insurance 2,300 2,500 (200) (8.7%) 2,300 2,500 (200) (8.7%)
Legal Fees - - - - - - - -
Motor Vehicle Expenses - - - - - - - -
Postage 100 - 100 100.0% 100 - 100 100.0%
Printing & Stationery 300 1,211 (911) (303.7%) 300 1,211 (911) (303.7%)
Professional Fees - - - - - - - -
Rent 10,000 9,780 220 2.2% 10,000 9,780 220 2.2%
Repairs & Maintenance - - - - - - - -
Salaries & Wages 22,850 23,050 (200) (0.9%) 22,850 23,050 (200) (0.9%)
Security 325 389 (64) (19.7%) 325 389 (64) (19.7%)
Subscriptions - - - - - - - -
Telephone & Fax 2,510 2,539 (29) (1.2%) 2,510 2,539 (29) (1.2%)
Training - - - - - - - -
Uniforms - - - - - - - -
Total Expenses 51,895 46,999 4,896 9.4% 51,895 46,999 4,896 9.4%
Depreciation 15,417 15,400 17 0.1% 15,417 15,400 17 0.1%
Profit / (Loss) before Interest & Tax 47,388 68,394 21,006 44.3% 47,388 68,394 21,006 44.3%
Interest 7,239 8,489 (1,250) (17.3%) 7,239 8,489 (1,250) (17.3%)

Taxation 11,242 16,770 (5,528) (49.2%) 11,242 16,770 (5,528) (49.2%)
Profit / (Loss) for the year 28,908 43,135 14,227 49.2% 28,908 43,135 14,227 49.2%
Page 30 of 33
Page 31 of 33
Month Year-to-Date
Cash Flow Statement Forecast Actual Difference Diff % Forecast Actual Difference Diff %
Profit / (Loss) for the year 28,908 43,135 14,227 49.2% 28,908 43,135 14,227 49.2%
Interest 7,239 8,489 1,250 17.3% 7,239 8,489 1,250 17.3%
Taxation 11,242 16,770 5,528 49.2% 11,242 16,770 5,528 49.2%
Depreciation 15,417 15,400 (17) (0.1%) 15,417 15,400 (17) (0.1%)
Inventory (7,730) 15,000 22,730 294.1% (7,730) 15,000 22,730 294.1%
Receivables (14,724) 29,406 44,130 299.7% (14,724) 29,406 44,130 299.7%
Payables 9,361 (13,043) (22,404) (239.3%) 9,361 (13,043) (22,404) (239.3%)
Cash generated from operations 49,712 115,157 65,445 131.6% 49,712 115,157 65,445 131.6%
Interest paid (7,239) (8,489) (1,250) (17.3%) (7,239) (8,489) (1,250) (17.3%)
Taxation paid (46,032) (72,040) (26,008) (56.5%) (46,032) (72,040) (26,008) (56.5%)
Net cash from operating activities (3,559) 34,628 38,187 1,073.0% (3,559) 34,628 38,187 1,073.0%

Purchases of property, plant & equipment - - - - - - - -
Net cash used in investing activities - - - - - - - -

Proceeds from shareholders' contributions - - - - - - - -
Proceeds from loans - - - - - - - -
Repayment of loans (17,381) (16,795) 586 3.4% (17,381) (16,795) 586 3.4%
Net cash from financing activities (17,381) (16,795) 586 3.4% (17,381) (16,795) 586 3.4%
Increase / (Decrease) in cash equivalents (20,940) 17,833 38,773 185.2% (20,940) 17,833 38,773 185.2%
Cash & cash equivalents at beginning of year 126,116 168,367 42,251 33.5% 21,000 21,000 - -
Cash & cash equivalents at end of year 105,177 186,200 81,024 77.0% 60 38,833 38,773 64,370.2%
Page 32 of 33
Month Year-to-Date
Balance Sheet Forecast Actual Difference Diff % Forecast Actual Difference Diff %
Assets
Property, Plant & Equipment 747,917 757,900 9,983 1.3% 747,917 757,900 9,983 1.3%
Current Assets
Inventory 174,375 160,000 (14,375) (8.2%) 174,375 160,000 (14,375) (8.2%)
Receivables 332,143 299,700 (32,443) (9.8%) 332,143 299,700 (32,443) (9.8%)
Cash 105,177 186,200 81,024 77.0% 60 38,833 38,773 64,370.2%
Total Assets 1,359,611 1,403,800 44,189 3.3% 1,254,495 1,256,433 1,938 0.2%

Shareholders' Contributions 1,500 1,500 - - 1,500 1,500 - -
Retained Earnings 221,094 286,382 65,288 29.5% 221,094 286,382 65,288 29.5%
Long Term Loans 1,004,591 1,001,931 (2,660) (0.3%) 1,004,591 1,001,931 (2,660) (0.3%)
Current Liabilities
Payables 132,426 113,987 (18,439) (13.9%) 132,426 113,987 (18,439) (13.9%)
Provision for Taxation - - - - - - - -
Total Equity & Liabilities 1,359,611 1,403,800 44,189 3.3% 1,359,611 1,403,800 44,189 3.3%
Page 33 of 33

Cashflow Forecast Actual Sample

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The following sheets are included in this template:

Monthly turnover projections should be entered on the Forecast sheet in row 5.

Forecast Income Statement & Cash Flow Statement

Actual Income Statement & Cash Flow Statement

Monthly Balance Sheets

Forecast Interest & Capital Repayment Amounts

Help & Customization

Cash flows from investing activities

Cash flows from financing activities

Cash flows from investing activities

Cash flows from financing activities

Cash flows from investing activities

Cash flows from financing activities

Cash flows from investing activities

Cash flows from financing activities

Cash flows from investing activities

Cash flows from financing activities

Cash flows from investing activities

Cash flows from financing activities

Example Trading (Pty) Limited

Example Trading (Pty) Limited

Example Trading (Pty) Limited

Interest Rate 8.5%

Interest Rate 8.5%

Interest Rate 8.5%

Interest Rate 8.5%

Depreciation 15,417 15,400 17 0.1% 15,417 15,400 17 0.1%

Interest 7,239 8,489 (1,250) (17.3%) 7,239 8,489 (1,250) (17.3%)

Cash flows from investing activities

Cash flows from financing activities

Equity & Liabilities

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